sebi:BM/AO-62/2012
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Facts / Headnote
Violation established; penalty of Rs.2,00,000 imposed
Provisions invoked
- s. 15
- s. 12
- s. 15J
Regulations
- Reg. 3
- Reg. 200
- Reg. 3(a)
Parties
- Dynamic Stock Broking (India) Pvt. Ltd.
Holding
The Noticee facilitated Nirmal Kotecha to create artificial volume in the scrip of PSTL and offload his stake through synchronized trades, thereby violating Section 12A of the SEBI Act and Regulations 3(a), 3(b), 3(c), 3(d), 4(1) and 4(2)(a), (b) and (e) of the PFUTP Regulations. A monetary penalty of Rs.2,00,000 under Section 15HA of the SEBI Act was imposed.
Full text
2 morning that the company had not received any communication from SEBI regarding the media reports on Open Offer. On BSE, the denial by the company was put out at 10.28:04 and on NSE it was put out at 10:30:00 a.m.
3 PSTL which were found to be detrimental to the genuine investors and adversely affected the integrity of the securities market.
4 SHOW CAUSE NOTICE, REPLY AND PERSONAL HEARING 9. Show Cause Notice dated February 09, 2012 (hereinafter referred to as “SCN”) was issued to the Noticee to show cause as to why an inquiry should not be held against the Noticee and penalty be not imposed under Section 15 HA of the SEBI Act for the alleged violations specified in the said SCN.
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Source: SecMarx — sebi:BM/AO-62/2012. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.